@Leapzig:
I'd agree that 150 million for the whole is a litle on the cheap side if you believe the Gold price is staying on its current trajectory for the years to come. But I'd rather get a little less for the JV, and avoid incurring dilution for Tomingley.
Why? Because so far the co did a great job of keeping the number of outstanding shares really low, and the DZP is worth at least a BILLION. According to the DFS, it will make at least 300 mio profits / year once its running - for 80+ years ... If zirconium and HREE prices devellop as I personally assume, you can add at least 50% to that number. And then we might even expand to 1,5 MTPA or more.
Compared to that, it simply does not matter whether we get 100 now or 300 mio a few years later for the JV. What matters most imO is avoiding dilution as much as possbible and getting the DZP running asap, because if we don't sell the JV, we need another 50 mio for Tomingley and general cash purposes - which would be 20 mio shares at $2,5, or 40 mio at $1,25. That wouldn't be a horrible outcome, but still ...
P.S. If they could just sell the McPhyllamis project as such (while keeping the remainder of the tenements in the JV) and we get 60-80 mio for that, I'd be a happy camper, too.
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